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2014-05-06 18:50:00

INDONESIA RESTRICTS

INDONESIA RESTRICTS

Indonesia has introduced new regulations restricting foreign investment in drilling, maintenance and construction in the oil industry, in an effort to give domestic firms an opportunity to better compete, government officials confirmed on Monday.

The nationalistic policies were introduced as part of a major overhaul to foreign investment rules, which President Susilo Bambang Yudhoyono on Friday said was a way to attract overseas investors.

In a 100-page document released late on Friday, it eased foreign investment regulations for several industries including pharmaceuticals, large power plants and advertising.

But it also introduced limits for foreign ownership of oil platforms, pipelines, maintenance companies, drilling firms and storage.

"It is a priority of national interest to increase competitiveness in these industries and to allow national investors (to play a role)," Farah Indriani, deputy chairwoman of investment climate and development, told Reuters.

The mining ministry said the new rules would not impact projects already underway and could take as long as five years to fully implement.

Halliburton Co, McDermott International, and China Oilfield Services Limited are among the major oil services companies already operating in Indonesia.

"It won't disturb or change any existing contracts," Naryanto Wagimin, programme director for the oil and gas directorate in the mines ministry, told Reuters.

"If it was directly implemented today, maybe no (foreign) drilling companies would do business here," he added.

Under the new rules, foreign ownership of offshore oil and gas drilling services was limited to 75 percent from 95 percent.

It also limited foreign ownership in pipeline projects and small power plants between 1-10 megawatts to 49 percent. Previously there was no such limit.

Indonesia has steadily imposed regulations to get more control over its natural resources, most recently introducing a mineral ore export ban in January to force miners to process their raw materials in the country.

Partly due to the ban, foreign investment growth in the first quarter slowed to its lowest level in nearly five years. The FDI data excludes investment in the oil industry.

reuters.com

Tags: INDONESIA, OIL, GAS

Chronicle:

INDONESIA RESTRICTS
October, 20, 12:10:00

NORWAY'S PRODUCTION DOWN 171 TBD

NPD - Preliminary production figures for September 2017 show an average daily production of 1 772 000 barrels of oil, NGL and condensate, which is a decrease of 171 000 barrels per day compared to August.

INDONESIA RESTRICTS
October, 20, 12:05:00

ЦЕНА URALS: $ $55,55881

Средняя цена на нефть Urals за период мониторинга с 15 сентября по 14 октября 2017 года составила $55,55881 за баррель, или $405,6 за тонну.

INDONESIA RESTRICTS
October, 18, 19:10:00

OIL PRICE: ABOVE $58

Brent crude futures, the international benchmark for oil prices, were at $58.16 at 0643 GMT, up 28 cents, or 0.5 percent from their last close - and almost a third above mid-year levels. U.S. West Texas Intermediate (WTI) crude futures were at $52.03 per barrel, up 15 cents, or 0.3 percent, and almost a quarter above mid-June levels.

INDONESIA RESTRICTS
October, 18, 19:05:00

РОССИЯ: БОЛЬШЕ НЕФТИ И ГАЗА

Александр Новак отметил рост основных показателей всех отраслей энергетики в прошлом году: «Мы имеем рекордные показатели за прошлый год по добыче нефти, угля. Идёт рост добычи и экспорту газа, в том числе в Европу на уровне 15 процентов. По углю мы наблюдаем рост добычи даже больше уровня прошлого рекордного года. Также отмечается рост производства электроэнергии на 2%, что говорит об оживлении экономики».

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